Forbes asks how Toronto can sustain four new luxury hotels

The folks at Forbes were curious as to how Toronto will sustain four new luxury hotel towers at a time when hotel development is slumping elsewhere, so they asked Toronto Tourism to explain. It turns out Toronto had surprisingly few upscale options for a city of its size and importance in the business world, and since the city has seen an uptick in “sophisticated urban travellers,” the local tourism organization believes the opulent rooms at the Ritz-Carlton, Trump Tower, Four Seasons and Shangri-La will quickly be filled. So what’s the deal then with those posh penthouses currently languishing on the condo market? Perhaps Forbes could explain that one for us next. Read the entire story [Forbes] »